Pound rallies as PM May relents on Brexit debate

Singapore

THE pound surged against the US dollar, heading for the biggest gain in almost two months, after UK Prime Minister Theresa May accepted that Parliament should be allowed to vote on her plan for taking Britain out of the European Union (EU). Sterling climbed at least 0.7 per cent against all its 31 major peers.

The move by Ms May eased investor concerns that she would be taking a gung-ho approach to the discussions, even as she asked lawmakers to vote in a way that gives her space to negotiate.